REGISTERED NUMBER: 09401629 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 January 2026

for

Silverhill Finance Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

I Pavelko

SECRETARY:

Msp Corporate Services Limited

REGISTERED OFFICE:

5 Merchant Square

London

W2 1AY

REGISTERED NUMBER:

09401629 (England and Wales)

AUDITORS:

Zenith Audit Ltd

Statutory Auditors

Third Floor North

Warwick House

65/66 Queen Street

London

EC4R 1EB

The sole director presents the strategic report for the year ended 31 January 2026.

REVIEW OF BUSINESS

The loss after taxation for the year ended 31 January 2026 is $(121,523) (2025: profit of $453,260). The Director makes no recommendation for dividend distribution as of the date of this report.

The key financial highlights are as follows:

31.1.26

31.1.25

$

$

Turnover

7,512,591

23,081,529

Gross profit/(loss)

1,093,476

1,146,109

Results before tax

204,161

821,685

Net assets

54,400,393

54,521,916

Gross profit/ margin (%)

15%

5

Operating profit/(loss) margin (%)

3

4

The sole director considers the results for the year to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES

External risks

External risks refer to those risks that the Company is not able to influence, or only to a very limited extent. The Company focuses on fixed-income investments in Ukraine and its external risks mainly entail the security situation in Ukraine. Ukraine is under attack from Russian armed forces. Political instability and declaration of martial law affect the business environment and negatively impact the Company's business and financial performance.

Financial risks - Currency risks

The Company holds bank accounts in multiple currencies. Exposures to foreign currency exchange rate movements in all currencies in which the company trades are monitored on a daily basis and appropriate action is taken to manage net open foreign currency positions. The company uses derivatives to hedge against foreign exchange risks.

Financial risks - Liquidity risks

Liquidity risk refers to the risk that the Company may be unable to fund its on-going cash requirements. The company retains sufficient cash and cash equivalents to ensure it has adequate funds available for operations.

ON BEHALF OF THE BOARD:

I Pavelko - Director

21 October 2026

The director presents his report with the financial statements of the company for the year ended 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of investment in financial instruments and trading of bonds.

DIVIDENDS

The company did not make any dividend distribution for the year ended 31 January 2026.

DIRECTOR

I Pavelko held office during the whole of the period from 1 February 2025 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Zenith Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

I Pavelko - Director

21 October 2026

Opinion

We have audited the financial statements of Silverhill Finance Limited (the 'company') for the year ended 31 January 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations.

We considered compliance with UK Companies Act 2006 and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to:

- Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;

- Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries;

- Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period;

- Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions or override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Milena Mitova (Senior Statutory Auditor)

for and on behalf of Zenith Audit Ltd

Statutory Auditors

Third Floor North

Warwick House

65/66 Queen Street

London

EC4R 1EB

23 October 2026

INCOME FROM INVESTMENTS

3

7,512,591

23,081,529

Cost of

investments

(6,419,115

)

(21,935,420

)

GROSS PROFIT

1,093,476

1,146,109

Administrative expenses

(889,315

)

(324,424

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

204,161

821,685

Tax on profit

6

(325,684

)

(368,425

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(121,523

)

453,260

(LOSS)/PROFIT FOR THE YEAR

(121,523

)

453,260

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(121,523

)

453,260

CURRENT ASSETS

Derivative financial assets

7

10,971,120

5,381,019

Investments

8

54,487,661

54,524,359

Cash at bank

152,786

967,313

65,611,567

60,872,691

CURRENT LIABILITIES

Amounts falling due within one year

9

(11,211,174

)

(6,350,775

)

NET CURRENT ASSETS

54,400,393

54,521,916

TOTAL ASSETS LESS CURRENT LIABILITIES

54,400,393

54,521,916

CAPITAL AND RESERVES

Called up share capital

10

54,147,147

54,147,147

Retained earnings

11

253,246

374,769

SHAREHOLDERS' FUNDS

54,400,393

54,521,916

The financial statements were approved by the director and authorised for issue on 21 October 2026 and were signed by:

I Pavelko - Director

Called up

share

Retained

Total

capital

earnings

equity

$

$

$

Balance at 1 February 2024

54,147,147

(78,491

)

54,068,656

Changes in equity

Total comprehensive income

-

453,260

453,260

Balance at 31 January 2025

54,147,147

374,769

54,521,916

Changes in equity

Total comprehensive income

-

(121,523

)

(121,523

)

Balance at 31 January 2026

54,147,147

253,246

54,400,393

Cash flows from operating activities

Cash generated from operations

1

(816,591

)

149,108

Tax paid

-

(368,425

)

Net cash from operating activities

(816,591

)

(219,317

)

Cash flows from financing activities

Amount introduced by directors

2,064

-

Net cash from financing activities

2,064

-

Decrease in cash and cash equivalents

(814,527

)

(219,317

)

Cash and cash equivalents at beginning of year

2

967,313

1,186,630

Cash and cash equivalents at end of year

2

152,786

967,313

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.1.26

31.1.25

$

$

Profit before taxation

204,161

821,685

(Increase)/decrease in investments

36,698

(1,859,585

)

Increase in Derivative financial assets

(5,915,785

)

(5,381,019

)

Increase in Derivative financial liabili

4,758,435

6,242,138

Increase in trade and other creditors

99,900

-

Decrease in trade and other debtors

-

325,889

Cash generated from operations

(816,591

)

149,108

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2026

31.1.26

1.2.25

$

$

Cash and cash equivalents

152,786

967,313

Year ended 31 January 2025

31.1.25

1.2.24

$

$

Cash and cash equivalents

967,313

1,186,630

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.25

Cash flow

At 31.1.26

$

$

$

Net cash

Cash at bank

967,313

(814,527

)

152,786

967,313

(814,527

)

152,786

Liquid resources

Current asset investments

54,524,359

(36,698

)

54,487,661

54,524,359

(36,698

)

54,487,661

Total

55,491,672

(851,225

)

54,640,447

1.	STATUTORY INFORMATION

Silverhill Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in USD and this is also considered by the director to be the company's functional currency.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing the financial statements.

Interest income

Interest income is measured at the fair value of the consideration received.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Significant judgements and estimates

The company's assets valuation is based on discounted cashflow models using publicly available sources of information (interest and exchange rates) listed below:

- UAH National Bank of Ukraine Zero Coupon Yield Curve

- US Treasuries Actives Index

- USDUAH Non-deliverable forward index

- Ukrainian Hryvnia Spot

Changes in accounting policies

The basis of preparing the financial statements has been converted from Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" to Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" from 1 February 2024 as the company has exceeded the threshold in two consecutive years and can no longer qualify for a small company.

Reclassification

Certain comparative figures have been reclassified to conform to the current year presentation. These reclassifications have no effect on the reported results of operations.

Investments

Unlisted investments are held as one trading portfolio and are measured at fair value through profit or loss. The fair value is calculated using discounted cashflow technique where discounting rates are defined based on the market data. Net position of the investment has been reported.

Listed investments held for sale are recognised at market value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	INCOME FROM INVESTMENTS

31.1.26

31.1.25

$

$

Income from investments

Income from unlisted investments

6,513,681

7,378,132

Income from bonds sales

998,910

15,703,397

7,512,591

23,081,529

Income from investments is realised outside the UK.

4.	EMPLOYEES AND DIRECTORS

31.1.26

31.1.25

$

$

Wages and salaries

198,635

186,579

Social security costs

28,627

24,136

227,262

210,715

The average number of employees during the year was as follows:

31.1.26

31.1.25

1

1

31.1.26

31.1.25

$

$

Director's remuneration

198,635

186,579

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.1.26

31.1.25

$

$

Operating lease charges

15,705

15,332

Auditors' remuneration

15,155

14,669

Foreign exchange differences

550,355

12,622

6.

TAXATION

The amount of $325,684 is the withholding tax on interest income accrued.

7.	DERIVATIVE FINANCIAL ASSETS

31.1.26

31.1.25

$

$

Derivative financial assets

10,971,120

5,381,019

8.	CURRENT ASSET INVESTMENTS

31.1.26

31.1.25

$

$

Unlisted investments

54,487,661

54,524,359

9.	CURRENT LIABILITIES

31.1.26

31.1.25

$

$

Derivative financial liability

11,000,573

6,242,138

Amount owed to related parties

208,537

108,637

Directors' loan accounts

2,064

-

11,211,174

6,350,775

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.26

31.1.25

value:

$

$

100

Ordinary

£1

142

142

54,147,005

Ordinary

$1

54,147,005

54,147,005

54,147,147

54,147,147

11.

RESERVES

Retained

earnings

$

At 1 February 2025

374,769

Deficit for the year

(121,523

)

At 31 January 2026

253,246

12.	RELATED PARTY DISCLOSURES

Included in Derivative financial assets is the amount of $10,971,120 (2025: $5,381,019) receivable from a company under common control.

Included in Derivative financial liability is the amount of $11,000,573 (2025: $6,242,138) payable to a company under common control.

Included in amounts owed to related parties is the amount of $99,900 (2025: nil) payable to a company under common control.

During the year ended 31 January 2023, the company received an interest free loan of EUR100,000 from its parent company Goldsmith Business Limited. The balance of the amount payable as at 31 January 2026 was $108,637 (2025: $108,637).

13.	ULTIMATE CONTROLLING PARTY

The immediate holding company is Goldsmith Business Ltd, a company incorporated in the British Virgin Islands. The ultimate controlling party is Mr Glib Zagorii.

14.	AUDITOR LIABILITY LIMITATION AGREEMENT

An auditors' limitation of liability agreement has been approved by the members for the financial year ended 31 January 2026.

The principal terms and conditions are as below:

- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's accounts and pursuant to this agreement the auditor may be guilty in relation to the Company.

- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above.